Bolsonaro’s victory: three things to watch now

Comments from Brazil’s president-elect suggesting that the central bank should target the exchange rate have made headlines today but his post-election comments otherwise point to orthodox macroeconomic policy. More importantly, the extent of Mr. Bolsonaro’s own commitment to liberal economic policy, and whether he will prioritise this over his conservative social agenda, is still unclear. In this Update, we highlight three things that will provide an early sign of which way he will move.